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Indian Oil Companies Sign Agreements for Oil Blocks in Yemen
New Delhi, April
17, 2008
Agreements for 5 hydrocarbon exploration blocks in Yemen
have been signed by the Indian companies on April 13, 2008 at
Saana’a the capital city of Yemen. These include agreements
for block Nos. 82 & 83 by Oil India Limited(OIL) and Indian
Oil Corporation(IOC) consortium with their foreign
collaborators namely, Medco Energy and Kuwait Energy Company
and for block Nos. 19, 28 and 57 by Gujarat State Petroleum
Corporation with their foreign collaborators Jubilant Enpro
and Alkor Petro.
The agreements were signed in the presence of Yemeni
Minister of Oil and Minerals Khaled Mahfoudh Bahah, senior
officials in the Ministry of Oil and Minerals, representatives
of various oil companies in Saana’a .
Speaking on the occasion the Minister of Oil of Yemen
expressed great optimism in the Indian oil companies and said
that he looks forward to the Indian oil companies starting
their operations in Yemen in the near future. The agreements
signed would go for ratification by the Yemen Parliament and
then eventually would be sent for the signature of the
President of Yemen. This process is expected to take about two
months or so. Thereafter the agreements will become
operational and the work on exploration and prospecting of
hydrocarbon is expected to commence during 2008 itself.
It may be recalled that in December 2006, 7 oil blocks were
allotted to different Indian companies: 82 & 83 to OIL-IOC;
19, 28 & 57 to GSPC with foreign collaborators as given above
and 34 & 37 to Reliance India Limited (RIL) with Hayel Saeed
Group of Yemen as the collaborator.
As for the oil block Nos. 34 & 37 allotted to Reliance India
Limited, agreements were signed earlier on 20.11.2007 at
Sana’a. In their case also the agreements require ratification
of Yemen Parliament.
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